Investor behaviour

VCs breaking their thesis

A focused fund's first cheque outside its own track record: a new sector, a new region, or an entry far earlier than usual. The thesis is what each fund's earlier first cheques show (15 or more, 80% inside the focus). Follow-ons never count. Each deal is checked against the round's sources, and a deal whose article lists other investors and not the fund is left out.
907
VCs broke their pattern since 2020
495
of them in 2025 and 2026
14%
of focused VCs investing in 2026 (283 of 2023)
884 / 1087 / 31
new sector / region / earlier stage
VCs breaking their pattern, per month
Jan 2020Oct 2026

843 breaks are rounds known only by their year. They count in the totals and the list, not in the monthly bars.

  1. 2024
    Avidity Partners backed Sirona Medical at Series C+
    New regionFirst deal in MEA. Before: 24 first cheques, 20 in North America, 2 in Benelux & France.
    Source
  2. 2024
    BAM Ventures backed DAPS at Series C+
    New regionFirst deal in LATAM. Before: 53 first cheques, 44 in North America, 4 in Benelux & France.
  3. 2024
    New regionFirst deal in UK & Ireland. Before: 34 first cheques, 29 in Benelux & France, 2 in North America.
  4. 2024
    Canary backed Prima Solutions SA at Series A
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 41 in LATAM, 2 in North America.
  5. 2024
    Canvas Ventures backed Parakey at Seed
    New regionFirst deal in Nordics. Before: 30 first cheques, 24 in North America, 2 in APAC.
  6. 2024
    Congruent Ventures backed Camus at Series A
    New regionFirst deal in LATAM. Before: 24 first cheques, 21 in North America, 1 in DACH.
  7. 2024
    Courtin Investment backed Miuros at Seed
    New regionFirst deal in Nordics. Before: 25 first cheques, 23 in Benelux & France, 1 in North America.
  8. 2024
    Cultivation Capital backed Satim at Series A
    New regionFirst deal in CEE. Before: 50 first cheques, 41 in North America, 3 in UK & Ireland.
    Source
  9. 2024
    Duro Ventures backed Leon & George at Series B
    New regionFirst deal in DACH. Before: 25 first cheques, 20 in North America, 2 in MEA.
  10. 2024
    E14 backed Elemind at Seed
    New regionFirst deal in Southern Europe. Before: 28 first cheques, 23 in North America, 2 in Benelux & France.
  11. 2024
    EcoR1 Capital backed Kura at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 31 first cheques, 29 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in Nordics. Before: 30 first cheques, 28 in North America, 1 in MEA.
  12. 2024
    Emergence Capital backed Voice at Series A
    New regionFirst deal in Nordics. Before: 62 first cheques, 51 in North America, 3 in DACH.
  13. 2024
    Emergence Capital backed Wear Mobile at Series A
    New regionFirst deal in Southern Europe. Before: 62 first cheques, 51 in North America, 3 in DACH.
  14. 2024
    Entrepreneur Venture backed Brew at Seed
    New regionFirst deal in MEA. Before: 18 first cheques, 17 in Benelux & France, 1 in DACH.
  15. 2024
    Forerunner Ventures backed Juli at Seed
    New regionFirst deal in Southern Europe. Before: 42 first cheques, 35 in North America, 3 in MEA.
  16. 2024
    Forerunner Ventures backed Joye at Seed
    New regionFirst deal in APAC. Before: 42 first cheques, 35 in North America, 3 in MEA.
  17. 2024
    Foresight Group backed Morph L2 at Seed
    New regionFirst deal in DACH. Before: 28 first cheques, 24 in UK & Ireland, 2 in North America.
  18. 2024
    Foresight Group LLP backed Beckett at Series C+
    New regionFirst deal in LATAM. Before: 17 first cheques, 15 in UK & Ireland, 1 in North America.
  19. 2024
    Foresight Group LLP backed EverTrek at Series C+
    New regionFirst deal in CEE. Before: 17 first cheques, 15 in UK & Ireland, 1 in North America.
  20. 2024
    IDG Ventures India backed Argus at Seed
    New regionFirst deal in CEE. Before: 72 first cheques, 64 in APAC, 7 in North America.
  21. 2024
    India Quotient. backed Popapp at Seed
    New regionFirst deal in Benelux & France. Before: 34 first cheques, 29 in APAC, 2 in North America.
  22. 2024
    Kaszek backed Netas at Seed
    New regionFirst deal in MEA. Before: 76 first cheques, 69 in LATAM, 3 in UK & Ireland.
  23. 2024
    Leonard Green & Partners backed IMA at Series C+
    New regionFirst deal in DACH. Before: 25 first cheques, 24 in North America, 1 in UK & Ireland.
  24. 2024
    MaC Venture Capital backed MealMe at Series A
    New regionFirst deal in Southern Europe. Before: 85 first cheques, 68 in North America, 6 in MEA.
  25. 2024
    Madrona Venture Group backed AllRead at Series A
    New regionFirst deal in Southern Europe. Before: 69 first cheques, 62 in North America, 3 in UK & Ireland.
  26. 2024
    Mercia Ventures backed ASN Biotech at Series A
    New regionFirst deal in Southern Europe. Before: 58 first cheques, 50 in UK & Ireland, 4 in North America.
  27. 2024
    Mercia Ventures backed CorrosionRADAR at Series B
    New regionFirst deal in Benelux & France. Before: 58 first cheques, 50 in UK & Ireland, 4 in North America.
    Source
  28. 2024
    Mucker Capital backed Tactiq at Series A
    New regionFirst deal in Nordics. Before: 68 first cheques, 59 in North America, 3 in APAC.
  29. 2024
    NBI Investors backed Hex at Seed
    New regionFirst deal in North America. Before: 16 first cheques, 14 in Benelux & France, 2 in UK & Ireland.
  30. 2024
    NewView Capital backed Can Pep Rey at Series A
    New regionFirst deal in Southern Europe. Before: 16 first cheques, 13 in North America, 2 in APAC.
  31. 2024
    NextGen Venture Partners backed Fritz at Series A
    New regionFirst deal in DACH. Before: 32 first cheques, 26 in North America, 3 in APAC.
  32. 2024
    Occident Group backed Altava at Series A
    New regionFirst deal in APAC. Before: 23 first cheques, 21 in DACH, 1 in Benelux & France.
  33. 2024
    New regionFirst deal in Southern Europe. Before: 19 first cheques, 17 in North America, 1 in UK & Ireland.
  34. 2024
    Presto Ventures backed OutKept at Seed
    New regionFirst deal in Benelux & France. Before: 41 first cheques, 37 in CEE, 1 in North America.
    Source
  35. 2024
    Primo Capital backed Ecosmic at Seed
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 15 in Southern Europe, 1 in North America.
  36. 2024
    Raed Capital backed Simplified at Series A
    New regionFirst deal in North America. Before: 33 first cheques, 29 in MEA, 2 in APAC.
  37. 2024
    Raed Capital backed Zeel at Seed
    New regionFirst deal in North America. Before: 33 first cheques, 29 in MEA, 2 in APAC.
  38. 2024
    Raed Capital backed Zeal at Series A
    New regionFirst deal in North America. Before: 33 first cheques, 29 in MEA, 2 in APAC.
    Source
  39. 2024
    Raed Capital backed Vectara at Series B
    New regionFirst deal in North America. Before: 33 first cheques, 29 in MEA, 2 in APAC.
  40. 2024
    New regionFirst deal in UK & Ireland. Before: 33 first cheques, 29 in MEA, 2 in APAC.
    Source